President Biden will attempt to put a positive spin on the January jobs report which showed that the economy has failed to employ a large portion of those who lost their jobs in the pandemic.
“In February 2020, prior to the coronavirus (COVID-19) pandemic, the unemployment rate
was 3.5 percent, and unemployed persons numbered 5.7 million,” the report stated. That’s compared to 6.5 million unemployed at a 4.0 unemployment rate today.
Biden’s focus will likely be on how many jobs were recovered in the last 12 months as the economy reopened after overzealous lockdowns shut businesses and reduced work hours. His statements assume a jobs shortage as the issue instead of the current labor shortage the economy is struggling against.
The jobs are and have been there for some time, but working-age Americans are staying home or have left the workforce altogher.
The president is scheduled to speak at 10:45 a.m. EST.